Gujarat Mineral Development (GMDCLTD) Q4 24/25 earnings summary

Executive summary

• Lignite production for FY25 was 8 million tonnes, below the 10 million target due to a safety incident and land acquisition delays; a 10%-15% growth is targeted for FY26 from existing mines.

• Achieved the second highest annual revenue from operations and third highest annual profit before tax in company history for FY25.

• Six new lignite mines are progressing through statutory clearances, with major volume contributions expected from FY27 onwards.

• The Baitarani West coal mine in Odisha is set for groundbreaking in FY26, with initial production of 1 million tonnes ramping up quickly to 3-5 million tonnes; peak capacity is 15 million tonnes by FY30.

• The Ambanji Copper Project is expected to see significant activity in the next two years, with production likely by 2028 due to the complexity of underground mining.

Financial highlights

• FY25 total revenue reached ₹3,204 crore, up 17% year-over-year; EBITDA was ₹992 crore, up 11% YoY, with an EBITDA margin of 31%.

• Standalone total income for FY25 was ₹2,850.84 crore, up from ₹2,462.88 crore year-over-year.

• Profit before tax (PBT) for FY25 was ₹897 crore, up 10% YoY; PAT was ₹688 crore, up 12% YoY.

• Bauxite mines contributed INR 80-100 crore in revenue, with all mines now profitable.

• Power division generated INR 250 million in revenue but incurred a loss of INR 110 million.

Outlook and guidance

• Revenue growth of 20% is possible, contingent on ramp-up at Odisha and Bhavnagar projects.

• Project Shikhar targets INR 14,500 crore revenue by 2030, with a steady CapEx plan and no reduction in projections despite minor delays.

• The Board recommended a dividend of ₹10.10 per equity share for FY25, subject to shareholder approval.